Deal marks latest reincarnation for Canadian travel channel

Specialty broadcaster GlassBox Television on Tuesday said it has acquired the digital cable channel Travel + Escape from CTV for an undisclosed price.

The deal is the latest as major over-the-air broadcasters CTV, Canwest Global and CBC shed costs and assets, including cable channels, amid a plunge in ad revenue during the economic downturn.

Canwest Global recently sold its TV assets, including 13 cable channels, to western Canadian cable operator Shaw Communications for $2 billion as it looks to emerge from court-directed creditor protection.

"This acquisition is a natural next step in our company's development and a great fit with our growing suite of services," Raja Khanna, GlassBox co-CEO said n a statement.

Toronto-based GlassBox has hired investment house GMP Securities to finance the acquisition.

The Canadian travel and leisure-themed channel has gone through a number of reincarnations, first at Travel TV originally licensed in 2000, then CTV Travel, before a rebranding as Travel + Escape in 2006.